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Nota Edgewater 06-08-13

Nota Edgewater 06-08-13

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Published by: Anova Irmandade Nacionalista on Aug 09, 2013
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12/04/2013

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1820 – 999 West Hastings StreetVancouver, British ColumbiaV6C 2W2
Edgewater Increases Measured & Indicated Gold Resources by 203% to Over1.0 Million ozs at the Corcoesto Gold Project, Spain
August 6, 2013 TSXV: EDWOTCQX: EDWZFVancouver, British Columbia,
Mr. George Salamis, President and CEO of Edgewater Exploration Ltd.(
Edgewater 
or the
Company”) is pleased to announce a substantial increasein the NI 43-101 Measured and Indicated Resource at the Company’s Corcoesto Gold Project,situated in Galicia, Spain. The inclusion of recent infill drilling completed by Edgewater in anupdated geological model has increased the open pit-constrained gold ounces in the Corcoestoresource by 203% to 1,027,000 ounces for Measured and Indicated gold resources over the previous Measured and Indicated resource estimate, see press release Nov 17, 2011 for details  and Table 3 below.
Table 1 - Corcoesto Gold Project – Open Pit-Constrained Mineral ResourceResource CategoryCut Off g/t Au Tonnes (kt) Au (g/t) Gold (koz)
Measured 
0.5 14,910 1.34 644
Indicated 
0.5 9,298 1.28 383
Measured + Indicated 
0.5 24,208 1.32 1,027
Inferred 
0.5 5,321 1.21 207
Notes:
1.
 
See notes attached to Table #2
The Corcoesto Gold Project has been reviewed at various cut-off grades, as outlined in the table provided below. Using a 0.8g/t Au cut-off the pit constrained Measured and Indicated resource is16.2 Mt grading 1.65 g/t Au, containing 863,000 ounces of gold.President and CEO, George Salamis, adds; “Over the past two years, our infill drilling programat Corcoesto has confirmed and successfully converted a significant amount of Inferred resourcesto the Measured and Indicated categories, exceeding the resources targeted in our 2011Preliminary Economic Assessment. This updated resource estimate demonstrates a few keyhighlights; 1) all Measured, Indicated and Inferred resources reported in this updated resourceare open pit constrained 2) the resource contains more Measured and Indicated open pitableresources than were in previous studies such as the 2011 Preliminary Economic Assessment and 3) the gold resource remains open highlighting the potential to increase the overall size of theCorcoesto gold resource in all categories, with all three of the main zones remaining open for expansion below 250 m depth and on-strike. Pending the outcome of the final feasibility study
 
- 2 -
 
we believe this updated resource will enhance the potential project life and increase long-term,sustainable benefits to our stakeholders in the region.” Mr. Salamis summarizes, “Edgewater’sshareholders and the Corcoesto stakeholders have a valuable gold asset with over 1 million M&Iounces hosted in a first world jurisdiction. In addition, all of us are benefitting from ademonstrated willingness shown by all levels of government and the local communities to helpsee Corcoesto through to development and gold production. We are encouraged by the fact thatthese new gold resource parameters will contribute to the overall project economics in theupcoming Feasibility Study which will be tabled in the coming months.”The Updated 2013 Resource Estimate also evaluated the Corcoesto Gold Project at various cut-off grades ranging from 0.5 g/t Au to 0.8 g/t Au. Results are as follows;
Table 2 - Corcoesto Gold Project Mineral Resource Estimate at various cut-off gradesResource Category Cut-off Tonnes (kt) Au (g/t) Gold (koz)
Measured 0.5 14,910 1.34 6440.6 13,160 1.45 6130.7 11,586 1.56 5800.8 10,170 1.67 546Indicated 0.5 9,298 1.28 3830.6 8,059 1.39 3610.7 6,960 1.51 3380.8 6,065 1.63 317Measured + Indicated 0.5 24,208 1.32 1,0270.6 21,219 1.43 9740.7 18,546 1.54 9180.8 16,235 1.65 863Inferred 0.5 5,321 1.21 2070.6 4,854 1.27 1980.7 4,234 1.36 1850.8 3,733 1.44 173
Notes:
1.
 
Mineral resources were classified following the guidelines of the JORC Code (2012) an accepted reporting code in terms of Canadian National Instrument 43-101.2.
 
Mineral resources are constrained within a Whittle pit shell based on a gold price of US$1,400/oz.3.
 
 Numbers may not compute due to rounding.4.
 
All grades have been quoted in grams per tonne (g/t) for the resource inventory.5.
 
Density values were assigned in relation to an oxide surface; no further distinction between freshand oxide material has been made within this resource estimate.6.
 
There are no known legal, political, environmental or other risks that could materially affect the potential development of these mineral resources
Highlights of the Updated Measured and Indicated 2013 Resources include;
1)
 
Measured and Indicated resources have increased to over one million ounces providing asignificantly greater confidence in the deposit2)
 
The Corcoesto Resource holds together well at higher cut off grades providing anopportunity to potentially mine higher grades during the initial years of operation3)
 
All zones remain open for expansion through further exploration.
 
- 3 -
 
Details of the Updated Resource (2013) compared to the previous (2011) resource are as follows;
Table 3 - Corcoesto Gold Project 2011 vs 2013 Measured and Indicated Mineral ResourceEstimate (at 0.5g/t Au cut-off)
 
Resource Year Resource Class Cutoff Tonnes Au Contained Gold(g/t Au) (x1000) g/t (x1000 oz)
2011 Measured 0.5 4,641 1.56 233Indicated 0.5 2,176 1.52 106Measured + Indicated 0.5 6,817 1.55 339Current (2013) Measured 0.5 14,910 1.34 644Indicated 0.5 9,298 1.28 383Measured + Indicated 0.5 24,208 1.32 1,027
Note:
1.
 
2011 Measured and Indicated pit constrained resources were estimated using a $US1100/oz gold  price compared to the 2013 Measured and Indicated pit constrained resources estimated using a$US1400/oz gold price.
Work is well advanced and nearing completion on the final feasibility study which will modelthe Project using the 2013 Updated Resource Estimate. The feasibility study is scheduled to becompleted during Q3 2013.Resource Estimation Methodology: the updated 2013 Mineral Resource Statement was prepared for the Corcoesto Gold Project by Micon International Limited of Toronto, Canada (“Micon”) inconjunction with Edgewater. Previous mineral resource statements have been produced by OreReserve Engineering of Denver, USA in 2011. In the opinion of Micon, the 2013 mineralresource estimate is a reasonable representation of the tonnage and grade of gold bearing rock  present at the Corcoesto Project given the current level of sampling. Micon considers there to besufficient data and information for the estimation of a Mineral Resource for the CorcoestoProject prepared under the guidelines of The Australasian Code for the Reporting of ExplorationResults, Mineral Resources and Ore reserves, The JORC Code, 2012 Edition (“JORC Code”).Total mineral resource estimates for the Corcoesto Project are based on resource models from sixmineral deposits, namely Cova Crea, Pozo del Ingles, Peton de Lobos, Montefurado,Fonterremula, and Picotos.The exploration history of the project is protracted with initial (modern) exploration beingconducted from the 1970’s, and the first drilling by Rio Tinto in 1987. Since 2010 Edgewater has completed almost 300 drill holes for over 50,000 metres, adding to the previous 332 drillholes (>35,000 metres) undertaken between 1987 and 2008 by three different operators. Themost up-to-date version of the database for Corcoesto has been supplied to Micon for use in thecurrent Mineral Resource Estimate. The database used by Micon in the current estimate contains50,207 samples and 112,877.27 m including drill holes (diamond drill holes, RC holes,geotechnical, and hydrogeological drill holes), 176 trenches for 18,469.293 m, and 10 adits(channels) for 1,322.90 m.Micon is of the opinion that the current information is sufficiently reliable to interpret the boundaries for the gold mineralization and that the assay data are sufficiently reliable to supportmineral resource estimation. Micon is not aware of any known environmental, permitting, legal,

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